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Should You Renounce Your U.S. Citizenship?

Should you renounce your U.S. citizenship for the tax perks? Facebook founder Eduardo Saverin's decision to do so has sparked interest in the strategy. Laura Saunders on The News Hub points out the downsides of such a move. Photo: AFP/Getty Images.

By

Laura Saunders

Updated May 18, 2012 7:01 p.m. ET

For some people, the best tax strategy is simply to pack up and leave.

That is the lesson from the disclosure that Eduardo Saverin, the 30-year-old billionaire who helped found Facebook, has renounced his U.S. citizenship to become a resident of Singapore.